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Do you feel better knowing your favorite companies have enough cash to cover their operating expenses for a very long time? Cash is great for paying the bills, but it's also great for making smart acquisitions, strategic investments, and ground-breaking R & D, all of which could lead to substantial growth in the long term. Today we focused on industrial stocks that we think have the potential for substantial growth, due to their strong cash reserves. We think you'll like the list we came up with.

EPS growth (earnings per share growth) illustrates the growth of earnings per share over time. The 5-Year Expected EPS Growth Rate is a long term annual growth estimate, where the growth projections are made by analysts, the company or other credible sources.

The Current ratio is a liquidity ratio used to determine a company's financial health. The metric illustrates how easily a firm can pay back its short obligations all at once through current assets. A company that has a current ratio of one or less is generally a liquidity red flag. Now this doesn't mean the company will go bankrupt tomorrow, but it also doesn't bode well for the company, and may indicate that it could have an issue paying back upcoming obligations.

The Quick ratio measures a company's ability to use its cash or assets to extinguish its current liabilities immediately. Quick assets include assets that presumably can be converted to cash at close to their book values. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The quick ratio is more conservative than the Current Ratio because it excludes inventory from current assets, since some companies have difficulty turning their inventory into cash. If short-term obligations need to be paid off immediately, sometimes the current ratio would overestimate a company's short-term financial strength. In general, the higher the ratio, the greater the company's liquidity (i.e., the better able to meet current obligations using liquid assets).

We first looked for industrial stocks. From here, we then looked for companies with projected high growth, measured by 5-year projected EPS growth above 25%. We then looked for companies that have a substantial amount of cash on hand (Current Ratio>2)(Quick Ratio>2). We did not screen out any market caps.

Do you think these stocks have higher to rise? Use this list as a starting-off point for your own analysis.

1) Heckmann Corporation (HEK)

Sector:Industrial Goods
Industry:Waste Management
Market Cap:$491.63M
Beta:0.71

Heckmann Corporation has a 5-Year Projected Earnings Per Share Growth Rate of 27.50%, a Current Ratio of 3.58, and a Quick Ratio of 3.56. The short interest was 22.66% as of 06/19/2012. Heckmann Corporation operates as a services-based company focused on total water and wastewater solutions for shale or unconventional oil and gas exploration and production. The company offers water delivery and disposal, trucking, fluids handling, treatment, temporary and permanent pipeline facilities, and water infrastructure services for oil and gas exploration and production companies. It operates multi-modal water disposal, treatment, trucking, and pipeline transportation operations in select shale areas in the United States, including the Eagle Ford, Haynesville, Marcellus, Utica, Barnett, and Tuscaloosa Marine Shale areas.

2) Dycom Industries Inc. (NYSE:DY)

Sector:Industrial Goods
Industry:Heavy Construction
Market Cap:$621.97M
Beta:2.18

Dycom Industries Inc. has a 5-Year Projected Earnings Per Share Growth Rate of 42.23%, a Current Ratio of 3.18, and a Quick Ratio of 2.92. The short interest was 4.46% as of 06/19/2012. Dycom Industries, Inc. provides specialty contracting services in the United States and Canada. It offers engineering services, including the design of service area concept boxes, terminals, buried and aerial drops, transmission and central office equipment, administration of feeder and distribution cable pairs, and fiber cable routing and design for telephone companies; and make-ready studies, strand mapping, field walk-out, computer-aided radio frequency design and drafting, and fiber cable routing and design for cable television multiple system operators. The company also provides civil and tower construction, lines and antenna installation, and foundation and equipment pad construction for wireless carriers, as well as equipment and material fabrication and site testing services; and installs and maintains customer premise equipment, including digital video recorders, set top boxes, and modems for cable television system operators.

3) Proto Labs, Inc. (NYSE:PRLB)

Sector:Industrial Goods
Industry:Machine Tools & Accessories
Market Cap:$859.68M
Beta:-

Proto Labs, Inc. has a 5-Year Projected Earnings Per Share Growth Rate of 28.00%, a Current Ratio of 7.50, and a Quick Ratio of 7.21. The short interest was 9.47% as of 06/19/2012. Proto Labs, Inc. produces CNC machined and injection molded plastic parts. It offers products that are made of various engineering-grade resins, such as ABS, polycarbonate, nylon, acetal, polypropylene, acrylic, PBT, HDPE, LDPE, TPE, and TPU, as well as LCP, including glass or fiber filled grades. The company was founded in 1999 and is headquartered in Maple Plain, Minnesota.

4) TASER International Inc. (NASDAQ:TASR)

Sector:Industrial Goods
Industry:Aerospace/Defense Products & Services
Market Cap:$298.20M
Beta:0.79

TASER International Inc. has a 5-Year Projected Earnings Per Share Growth Rate of 30.00%, a Current Ratio of 4.66, and a Quick Ratio of 3.87. The short interest was 7.24% as of 06/19/2012. TASER International, Inc. develops, manufactures, and sells electronic control devices (ECD) for use in the law enforcement, military, corrections, private security, and personal defense markets. ECDs transmit electrical pulses along the wires and into the body affecting the sensory and motor functions of the peripheral nervous system. Its products for the law enforcement, military, corrections, and professional security market include the TASER X26 product line, which consists of TASER X26, various cartridges, a digital power magazine, data download software and equipment, extended warranties, and a range of holstering options and accessories; TASER X3, a multi-shot ECD that would engage three separate targets; and ADVANCED TASER M26 product line comprising the ADVANCED TASER M26, various cartridges, rechargeable batteries, a battery charging system, data download software and equipment, extended warranties, and various holstering options and accessories.

*Company profiles were sourced from Finviz. Financial data was sourced from Yahoo Finance.

Source: 4 Fast Growing Industrials With Strong Cash Reserves